What are Main Factors Responsible for Surge in Seasonings and Spices Market?

With the growing consumption of convenience foods and ready-to-eat food items, the sales of seasonings and spices are rising sharply all over the world. Long working hours, increasing number of people who live alone, and the lack of cooking time because of busy and fast lives are the main factors pushing up the requirement for ready-to-eat foods. Moreover, these factors are also fueling the popularity of foodservice joints and establishments that can deliver fast services to customers.

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As the convenience and ready-to-eat foods are easy to prepare, they are widely preferred by working people and businesspersons over the foods that need a lot of cooking time. Furthermore, there has been a sharp surge in the sales of baked foods and confectionary products, especially in the developed nations, in the last few years. This has massively boosted the demand for seasonings and spices from industries related to confectionary products and processed foods. 

Seasonings and Spices Market

Additionally, the thriving hospitality industry and increasing tourism activities in several countries are propelling the demand for seasonings and spices. Nowadays, people are more willing than ever to try exotic and regional cuisines. Because of these factors, the sales of seasonings and spices are rising rapidly. This is, in turn, causing the boom of the global seasonings and spices market. The market valuation is predicted to grow from $21.5 billion to $30.4 billion from 2017 to 2023.

Furthermore, as per the estimates of P&S Intelligence, a market research firm based in India, the market would advance at a CAGR of 6.0% between 2018 and 2023. Between the whole and ground seasonings and spices, the demand for the former was found to be higher in the past years. This was because whole seasonings and spices were extensively used in both residential and commercial settings in the years gone by.

Globally, the seasonings and spices market will boom in Asia-Pacific (APAC) in the forthcoming years. This would be due to the increasing production of spices in various regional countries, the presence of favorable environmental conditions for spice farming, and the enactment of favorable government regulations regarding spice production in the region. For example, as per the Vietnamese Ministry of Agriculture and Rural Development, the total black pepper production in the country would grow by around 30% in the coming years. 

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Hence, it can be said with surety that the demand for seasonings and spices would shoot-up all over the world in the upcoming years, mainly because of the rising popularity of convenience and ready-to-eat food items, baked foods, and confectionary products and exotic dishes.